Banking services

1. Deposit:

   • Putting money into a bank account.

2. Withdrawal:

   • Taking money out of a bank account.

3. Account Balance:

   • The amount of money in a bank account.

4. ATM (Automated Teller Machine):

   • A machine that allows customers to perform banking transactions without a bank teller.

5. Checking Account:

   • An account used for everyday transactions, with easy access to funds.

6. Savings Account:

   • An account that earns interest on deposited money but may have limited withdrawals.

7. Interest Rate:

   • The percentage at which a bank pays interest on deposits or charges for loans.

8. Online Banking:

   • Banking services accessed through the internet.

9. Mobile Banking:

   • Banking services accessed through a mobile device.

10. Bank Statement:

    • A monthly summary of transactions and balances in a bank account.

11. Overdraft:

    • Withdrawing more money from an account than is available, leading to a negative balance.

12. Bank Loan:

    • Money borrowed from a bank that must be repaid with interest over time.

13. Credit Card:

    • A card allowing the holder to make purchases on credit up to a predetermined limit.

14. Debit Card:

    • A card linked to a bank account, allowing for electronic purchases and withdrawals.

15. Bank Transfer:

    • Moving money from one bank account to another electronically.

16. Bank Teller:

    • A bank employee who assists customers with various transactions.

17. ATM Fee:

    • A charge for using an ATM not owned by the customer's bank.

18. Bankruptcy:

    • A legal status indicating that an individual or organization cannot repay debts.

19. Interest Accrual:

    • The process of interest accumulating over time.

20. Account Holder:

    • The person or entity that owns a bank account.

21. Credit Score:

    • A numerical representation of a person's creditworthiness.

22. Mortgage Loan:

    • A loan used to purchase real estate, typically repaid over a long period.

23. Home Equity Loan:

    • A loan that uses the equity in a home as collateral.

24. Loan Repayment:

    • The process of paying back a loan over time.

25. Loan Interest:

    • The cost of borrowing money, expressed as a percentage.

26. Online Bill Pay:

    • A service that allows customers to pay bills electronically through their bank's website.

27. Banking Hours:

    • The hours during which a bank is open to the public.

28. Banking Fee:

    • Charges associated with certain banking services or accounts.

29. Foreign Transaction Fee:

    • A charge for using a credit or debit card in a foreign country.

30. Currency Exchange:

    • The process of converting one currency to another.

31. Safe Deposit Box:

    • A secure box in a bank vault for storing valuable items.

32. Bank Guarantee:

    • A promise by a bank to pay a certain amount if the customer does not fulfill their obligations.

33. Bankruptcy Protection:

    • Legal protection for individuals or companies facing bankruptcy.

34. Online Security:

    • Measures taken by banks to protect customers' information when using online banking.

35. Fraud Detection:

    • Systems used by banks to identify and prevent fraudulent transactions.

36. Account Closure:

    • Terminating a bank account.

37. Interest-Free Period:

    • A period during which no interest is charged on a credit card balance.

38. Automatic Payments:

    • Regular payments set up to be deducted automatically from a bank account.

39. Minimum Balance:

    • The minimum amount required to be kept in a bank account.

40. Joint Account:

    • A bank account owned by two or more people.

Understanding these banking service terms will not only help you manage your finances but also improve your language skills for the IELTS exam. Good luck with your studies!